Acp - Acc417 Case Study 1
Acp - Acc417 Case Study 1
Acp - Acc417 Case Study 1
Debit Credit
Cash P50,000
Accounts receivable (net) 38,500
Inventories 65,300
Equipment (net) 104,000
Patents 20,000
Notes and accounts payable P52,000
Non-current liabilities 100,000 Equity
125,800 P277,800 P277,800
Requirements:
Continui Discontin Su
ng ued y
Operati Operation
on
UL College of Accountancy
4
ACC417/ACP: CASE STUDY no. 1
40 per cent of the amount of
the income or expense.
Requirements:
1. Prepare ACC CO. Group’s financial performance
statements for the year ended 31 December 2019
using the single-statement approach. Ignore
comparative figures.
Share capital–
ordinary.......................................P420,00
0 P 487,200 Retained
earnings.................................................
67,200 205,800 Notes payable -
Long-term................................ 168,000
302,400 Notes payable - Short-
term............................... 67,200 29,400
Accounts
payable ..................................................
50,400 86,000 Accumulated
depreciation................................ 84,000
115,600
TOTAL........................................................P
856,800 P1,226,400